Cheap international money transfer
What is the cheapest way to send money internationally?
The cheapest way to send money to another country is to make cheap international money transfers from specialized platforms such as Wise, Paysend, Revolut, Remitly, WorldRemit and others.
This is because these new platforms specialized in international money transfers or money management online usually offer lower commissions. Both for money transfers and for currency conversion if necessary.
Using these companies to send money to our relatives or contact persons, we can make cheaper international transfers to our countries of origin. Thanks to this, the growth of these platforms has been exponential in recent years, both in terms of global business figures and the number of clients that register with them.
A very relevant point to check the cost of sending money to other countries is to use the shipping boxes that we can find on all specialized platforms. We can find them on the main page of each of them. By using it, we can preview how much the transaction will cost us in each of them by selecting the country from which the money is sent, the country to which we send the capital and the amount we want to send. In this way we can check exactly how much each of them costs in just a few minutes, without prior registration, to find out which is the cheapest in each particular case.
How do I avoid international transfer fees?
It is not possible to avoid commissions to make international transfers because there are expenses derived from sending money and interbank fees that we must pay. What if possible to pay as little as possible as a concept of commissions for transfer or currency exchange if necessary.
The easiest way to get cheap money transfers abroad is to use platforms specialized in international transfers such as PayPal, Wise, Remitly, Paysend or Revolut.
These commissions that we must apply to international transfers depend on several factors such as the rates applied by each company chosen to make the shipment, countries of origin, destination countries, currency exchange and interbank rates.
There is no predefined commission for all cases and therefore it is essential to see the operations specifically based on the amount of money we want to send, from where, to where and finally select which company sends it to us in the cheapest way.
Which bank has the lowest international bank transfer fee?
Among traditional banks we can find commissions applied to more moderate international transfers over the years. This is because they find some competition from the new neobanks or entities specialized in online money management and they want to remain attractive to their clients in terms of commissions.
In this new scenario, the conventional banks that offer the cheapest commissions are usually the largest by market capitalization. Among them are Bank of America, Wells Fargo, HSBC, Citigroup or Santander among others.
If we are clients of a particular bank, it is better to consult the rates to make international transfers first in the entities in which we are already clients. Currently, these queries can be made in mobile applications or on their internet portals.
Which bank has free international transfers?
As a general rule, there are no banks that offer free international transfers. There may be exceptions that we are not aware of, but in general, commissions derived from the cost of sending money are always applied. These rates may correspond to various concepts such as currency exchange or predetermined costs in interbank entities.
What if it is possible to find the bank that offers you the cheapest international transfers depending on various factors such as the capital that we want to send or the countries of origin and destination of the money.
If the international transfers that you need are going to be common, it is better to invest some time is to know which bank offers you lower commissions to know where you can send the money in the cheapest way possible.
Cheap international money transfer with Wise
Wise (https://wise.com) is one of the most relevant companies in the finance and technology sector on the market if we want to make cheap international money transfers. The company was founded in 2010 in London (United Kingdom) and since then its rise has been progressive and based on the trust, security and low commissions that it offers its clients so that they can make cheap money transfers from a long list of countries.
Registration on your app or website is free, secure and can be completed in just a few minutes. Once the account is verified we can start using the services offered to manage our money online with great simplicity and maximum security.
Among its services, the option of being able to send money to other countries with cheap international money transfers stands out if we compare them with other operators that offer the same service or traditional banks.
The average commission that Wise applies to these international transfers is usually between 0.25% and 1.75% of the total amount of money sent. This commission depends on several factors specific to each operation such as the total amount of money sent and the countries of destination of the capital.
Another very outstanding point of Wise is the speed with which it processes transactions, managing to position itself as one of the fastest in the sector. In many cases the money can arrive in 1 business day. Fact that customers value highly favorably.
Cheap international money transfers with Remitly
Remitly (https://www.remitly.com) is the best option for cheap international money transfers if the recipient wants to receive the money in cash. This point is highly appreciated by many users and clients who consider it important that their relatives or contact person can receive the money they send them in cash.
For this profile, Remitly is an excellent choice for several reasons. First of all, the company is another of the leading operators in the internet finance sector. The company was founded in 2011 in Seattle (Washington, United States) and has an excellent track record that has positioned it as one of the most important companies in the sector by total transactions carried out per year and number of registered users.
Another relevant value of Remitly is that we can send cheap money transfers to more than 85 countries around the world. One of the most extensive lists among market operators that offer the same service.
The commissions that the company applies to make these international transfers are between 0.5% and 2%. Depending on the total amount of money sent or the countries of origin and destination of the capital sent. These rates position it as another of the operators with the cheapest commissions to send money abroad.
As for the speed for the money to reach its destination with Remitly, it takes an average of 3 to 5 business days with normal transfers. If we select the express transfer option, the money arrives in just a few minutes, paying an additional cost.
Cheap international money transfers with Paysend
Another of the economic options to make international money transfers is to do it with Paysend. This company has become very popular among workers who are developing their professional work outside their country. Its popularity is derived from having low commissions that allow us to send very cheap money transfers.
One of the features highly appreciated by Paysend (https://paysend.com) customers is that we can make international transfers by providing the money using bank cards. Something that is very comfortable and fast for most of its customers.
Another of the highlights of Paysend is that we can send money to more than 180 countries around the world. What makes it one of the companies with the most extensive list of countries available for sending money online or by mobile.
A negative point that its users comment on in some internet publications is the commission for currency exchange. It could be a little higher than the market average. Therefore, it is recommended to have the currency exchange prepared before proceeding to make the international money transfer.
In relation to the speed of money transfers, it can be said that Paysend is one of the fastest. Between 1 and 3 business days on average in the total number of transactions made. This factor is valued very positively among its customers.
Cheap international money transfer with WorldRemit
WorldRemit (https://www.worldremit.com) is another of the current references when it comes to sending money by mobile through cheap international money transfers. It is headquartered in the United Kingdom and its growth in recent years has been truly remarkable, especially in the number of transactions made from mobile devices.
WorldRemit’s strongest points for its users are the security and trust generated in recent years thanks to an excellent level of data encryption. This relevance factor has given it a relevant position in the Internet finance sector.
As a negative fact, WorldRemit has slightly higher commissions than some of its competitors. Between 1% and 2.5% on average in operations carried out to send money to other countries. What is remarkable is that they are still below the rates offered by traditional banks.
From its platform you can send money to more than 60 countries. This list is constantly improving with new countries from time to time. Which denotes that they are in full expansion.
Our opinion on the cheapest international money transfers
The opinion of our study and writing team of this publication considers that the cheapest international money transfers are those that we carry out from specialized platforms for sending money over the Internet. In this way we save commissions or pay them with smaller amounts than in traditional banks.
With platforms such as Wise, Revolut, WordRemit, Remitly or Paysend we can send money to most of the countries in the world in a comfortable way, by computer or mobile and with total security in the transaction.
For some years now, most of the people who need to send regular money transfers to other countries have used these platforms or neobanks. Especially those who for one reason or another are working outside their country of birth and need to send money to their relatives on a regular basis.
It is noteworthy to point out that in general the Internet manages to lower costs with the same service and cheap money transfers are no exception.